RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views in this week’s topic in the Business Times’ weekly column, Views from the Top.
This article was first published in The Business Times on 27 June 2016.
Welcome to the internet of money
JUN 27, 2016 5:50 AM
THIS WEEK'S TOPIC: How do you think fintech innovations can potentially impact your business, and your life?
Tan Chong Huat
RHT Law Taylor Wessing LLP
AS a global financial node with high number of technology users, Singapore is already on the global radar as a major international fintech hub. It is therefore not surprising that fintech's disruptive potential has been in sharp focus here.
Fintech promises the delivery of more efficient, customer-centric and transparent financial services. Fintech platforms are also more nimble, able to adapt and customise the delivery of services quickly.
Fintech platforms, must, however, not forget the "fin" in fintech - they are delivering financial services and will succeed only if they have a robust governance, risk management and regulatory compliance framework.
RHTLaw Taylor Wessing Head of Capital Markets Ch’ng Li-Ling was quoted in The Edge Singapore article titled “Crowdfunders respond to new MAS rules, want more done for investor protection”.
The article discussed how the new regulations announced by the Monetary Authority of Singapore (MAS) on June 8 seemed to be surprisingly welcomed by local crowdfunding platforms as “the new regulations are drivers to safeguard the industry…”. Research by The Edge Singapore also revealed that several of the newest crowdfunding platforms are not deterred by the prospect of more regulation but are in fact already preparing to apply for a Capital Markets Services (CMS) licence. MAS has made it easier for these companies to secure a licence by lowering the base capital requirement from S$250,000 to S$50,000 and removing the security deposit requirement of S$100,000.
Li-Ling gave her opinion that the new regulations put crowdfunding platforms under the oversight of the regulatory body (MAS) and give investors more protection.
The full article dated Monday 20 June 2016, can be found in The Edge Singapore.